Who'll stumble first in China's bike-share race?

China's bike-sharing hopefuls continue to race for capital, but there are growing fears of a bubble.

Chinese venture capital investors could be forgiven for feeling a sense of déjà vu.

Last year, they saw taxi-hailing app Didi Chuxing win a protracted battle with UberChina, after generous subsidies cost the two companies billions of dollars. In 2017, a similar battle for market share is taking place with another group of transportation start-ups bike-sharing companies.

Bike-sharing is hardly a new concept. In December 2016, roughly 1000 cities worldwide...

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